Reliance Power shares surge 5% as board approves Rs 1,525 crore preferential issue
Reliance Power today again hit a new 52-week high at their 5% upper circuit of Rs 40.06 on BSE after the company in its board meeting on Monday approved the issuance of up to 46.20 crore equity shares/warrants worth Rs 1,525 crore via a preferential allotment.
The issue price has been set at Rs 33 per share.
“We hereby inform you that the Board of Directors at its Meeting held today i.e., Monday, September 23, 2024, has approved issuance of up to 46,20,00,000 equity shares and/or warrants convertible into equity shares of the Company at an Issue Price of Rs. 33/- per share aggregating Rs. 1524.60 crore through preferential allotment,” said the company in a filing to the exchanges.
The issue price of equity shares/warrants is at a discount of 13% over Monday's closing price of Rs 38.15 on the NSE.
Reliance Infrastructure Limited will enhance its equity stake by over Rs 600 crore, a company filing said. The other investors in the preferential issue are Authum Investment and Infrastructure Limited and Sanatan Financial Advisory Services Private Limited.
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